Гендерное разнообразие совета директоров и недооценка акций при IPO: эмпирический анализ китайских компаний

AlterEconomics (ранее - Журнал экономической теории). 2026. Т. 23. № 2. С. 329–354.

Alekseeva O., Nazarova V.

IPO underpricing remains one of the most persistent anomalies in capital markets and is particularly pronounced in emerging markets, where information asymmetry and valuation uncertainty are especially high. This article examines the relationship between board gender composition and the level of IPO underpricing among Chinese companies. The study aims to assess whether a higher share of women on the board of directors is associated with lower IPO underpricing, to identify a possible threshold effect related to the attainment of a critical mass of women directors, and to determine whether this effect differs between IT companies and firms in other industries. The empirical sample consists of 389 non-financial Chinese companies that conducted A-share initial public offerings in 2023-2025. The analysis is based on linear regression models with robust standard errors, including specifications with interaction terms; entropy balancing is used to test the robustness of the results. The findings show that an increase in the share of women on the board is statistically significantly associated with lower IPO underpricing. A similar result is obtained for the critical mass indicator: companies in which women account for at least 30 % of board members exhibit lower first-day stock returns. For IT companies, this relationship is weaker, whereas no statistically significant differences between IT companies and firms in other industries are found for the critical mass indicator. The article contributes to the literature by extending research on the determinants of IPO underpricing using evidence from the contemporary Chinese market and by comparing the linear and threshold effects of board gender diversity. The study is limited by the short time horizon, the use of predominantly formal board characteristics, and the remaining risk of endogeneity.

Keywords: корпоративное управление, совет директоров, недооценка IPO, гендерное разнообразие, первичное публичное размещение акций, критическая масса